Green Energy Management Signs $2.6 Million Energy Efficient Lighting Contract with Co-op City

Green Energy Management Services Holdings, Inc. (GRMS) (The Company) announced today it signed a ten-year efficient lighting installation and maintenance contract with Co-op City, the largest residential development in the United States, located in The Bronx, New York (the Contract or Project). The Contract entails replacing and retrofitting over 6,000 lighting fixtures and elements in eight parking structures within Co-op City.
The Contract is estimated to provide Co-op City with approximately $350,000 in annual electricity savings, and approximately $2,500,000 in maintenance cost savings over ten years, by utilizing power-saving, long-life induction and LED lighting. As compensation for the Project, and upon the completion of certain contractual milestones, the Company should receive $800,000 in the form of a grant from the American Recovery and Reinvestment Act.  In addition, the contract calls for the Company to receive approximately $1,800,000.00 over the anticipated ten-year balance of the contract.

Michael Samuel, the Companys Chairman and Chief Executive Officer stated: We are very excited about beginning our work with Co-op City and its operating team. Co-op is a great example of our business model of serving customers seeking cost savings through energy efficiency while providing a green solution for their businesses. We also believe there are other products in our green technology portfolio that could help Co-op City achieve greater efficiencies in the future.

Herbert Freedman, on behalf of Co-op City stated: We have found a company which will provide us with a high-quality green solution for our infrastructure upgrade while saving us significant energy costs. In addition, we will not have to concern ourselves with lighting maintenance for the next ten years.

About Co-Op City

Construction began on Co-Op City in 1968 and was completed in 1973. Its 15,372 residential units, in 35 high rise buildings and seven clusters of townhouses, make it the largest single residential development in the United States. It sits on 320 acres but only 20% of the land was developed, leaving many green spaces.

Co-Op City also has eight parking garages, three shopping centers, a 25 acre educational park including a high school, two middle schools and three grade schools, power plant, a four-story air conditioning generator, 40 professional offices, a firehouse and at least 15 houses of worship. Spread throughout the community are six nursery schools and day care centers, four basketball courts and five baseball diamonds. The adjacent Bay Plaza Shopping Center has a 13 screen multiplex movie theater, department stores, and a supermarket.

About Green Energy Management Services Holdings, Inc.

Based in the eastern United States, GEM is a full service, national energy management company. GEM provides its clients all forms of energy efficiency solutions mainly based in three functional areas: energy efficient lighting upgrades, renewable energy generation and efficient water utilization. GEM is currently primarily involved in the distribution of energy efficient light emitting diode (LED) units (the Units) to end users who utilize substantial quantities of electricity. GEM structures its contracts with no upfront or maintenance costs to its customers and shares in the achieved energy and maintenance savings.
Green Energy Management Services Holdings, Inc.
  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with parking professionals worldwide

Create your account

Sign in with LinkedIn Close

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on parking-net.commanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our weekly eNewsletter
Add news yourself


There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login